Nearshoring
Nearshoring is a business practice where companies outsource work to suppliers or partners located in nearby countries. The idea is to take advantage of the proximity and cultural similarities between the two countries to reduce the costs and difficulties associated with outsourcing to more distant locations.
Nearshoring is often contrasted with offshoring, which involves outsourcing work to suppliers in countries that are further away, and onshoring, which involves bringing work back in-house from an outsourced location.
Companies may choose to nearshore for a variety of reasons, including cost savings, improved quality, and the ability to better manage the outsourced work. Nearshoring can also help companies access new markets and tap into local expertise. However, it is important to carefully consider the risks and benefits of nearshoring, as well as the regulatory and cultural differences that may exist between countries.